Green Bay Copper-Gold Project, Canada Environmental approval and strong metallurgical results put Green Bay on clear pathway to production With exceptional recoveries of +98% copper and a Scoping Study set for release early next year, Green Bay is one of the fastest-growing, highest quality and most
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ASX FFM
Green Bay Copper-Gold Project, Canada
Environmental approval and strong
metallurgical results put Green Bay
on clear pathway to production
With exceptional recoveries of +98% copper and a Scoping Study set for release
early next year, Green Bay is one of the fastest-growing, highest quality and most
advanced emerging copper-gold projects in Canada; Plus, eight rig drilling blitz
underway targeting further growth
KEY POINTS
• FireFly is rapidly laying the foundations for an upscaled production restart at Green
Bay, with environmental approvals now secured, construction permitting underway
and metallurgical tests returning outstanding results
• Economic studies are well underway; The first of these will be a Scoping
Study1expected to be released in the March quarter of 2026
• Other studies underway include mine design and scheduling, geotechnical, power
analysis and tailings design
• Surface sterilisation and geotechnical drilling has been completed at the site of the
potential upscaled processing plant and tailings facility
Metallurgical Results:
• Comprehensive metallurgical testing has been completed on bulk samples of
mineralisation from the Ming Mine at Green Bay; The tests involved 1.5t of material
and took place at the SGS metallurgical facility in Lakefield, Ontario
• The results show that the Ming mineralisation is metallurgically simple and
amenable to conventional low -cost processing; This includes e xceptional results
returned in tests on crushing, grinding, flotation, leaching and overall recovery
• Copper recovery exceeded 98% and gold recovery exceeded 85%
1 The first economic study (Scoping Study) will be prepared in accordance with ‘Scoping Study ’ requirements for the
purposes of 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
(JORC Code 2012) and ‘Preliminary Economic Assessment’ requirements for the purposes of the 2019 Canadian Institute of
Mining, Metallurgy and Petroleum ( CIM) Definition Standards and Canadian National Instrument 43 -101 - Standards of
Disclosure for Mineral Projects (NI 43-101).
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• Gold recovery is important because there is 550koz of contained gold in the current
Mineral Resource Estimate (see Appendix B and ASX announcement dated 29 October 2024 for
further details)
• Testwork was conducted on both styles of mineralisation at the Ming Mine: the high-
grade copper-gold VMS and the broad copper-stringer Footwall Zone
• The results will be used to refine process design and cost/revenue models in the
upcoming economic studies
• FireFly remains well-funded, having strengthened its balance sheet as a result of
substantially completing a multi -tranche capital raising 2 (see ASX announcements
dated 5, 10 and 16 June 2025) and share purchase plan (see ASX announcement dated 11 July
2025)
• Cash, receivables and liquid investments as at 30 June 2025, proceeds from the
Share Purchase Plan completed in July 2025, and anticipated net proceeds from
the final remaining aspect of the equity raising, being the second tranche of the
Institutional Placement, total A$1453 million
FireFly Managing Director Steve Parsons said: “We are making rapid progress on all fronts at
Green Bay, with environmental approvals in place, economic studies underway and eight rigs
drilling as part of the plan to keep growing and upgrading the Mineral Resource.
“And now these outstanding metallurgical results mean we have ticked another very important
box along the path to fully unlocking the value of this exceptional asset.
“Not only did we achieve extremely high recovery rates, but we did it using simple, low -cost
processing routes. This augurs very well for the project’s overall capital and operating costs.
“These results will form part of the economic studies which we are now progressing in parallel
with the drilling program ahead of the next Mineral Resource Estimate update.
“The results of all these work streams will come together to demonstrate why we believe Green
Bay is so well-placed as a world-scale copper-gold project in a tier-one location”.
FireFly Metals Ltd (ASX: FFM , TSX: FFM ) (Company or FireFly) is pleased to announce that it has
passed key milestones on the path to a n upscaled production restart at its Green Bay project in
Canada.
2 One final tranche of the capital raising (the T2 Placement) remains to be competed, as it is subject to receiving shareholder
approval at a general meeting planned to be held on 28 August 2025.
3 Cash, receivables and liquid investments position at 30 June 2025, plus A$10 million proceeds received from the Share
Purchase Plan which was completed on 14 July 2025, and anticipated net proceeds from the second tranche of the T2
Placement of ~A$26.6 mi llion, which is subject to shareholder approval at a general meeting planned to be held on 28
August 2025, noting that there is no guarantee that shareholders will vote in favour of the issuance of shares under the T2
Placement.
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The Company has secured environmental approval for the processing plant, construction
permitting has commenced and metallurgical tests have returned extremely strong results.
The metallurgical testwork is a key component of economic studies now underway , which will be
incorporated into the Scoping Study due for completion in the March quarter of 2026.
The comprehensive metallurgical testwork was completed on 1,500kg of samples from the Ming
Mine by SGS Canada Inc. (SGS) with supervision and technical support from Ausenco Engineering
Canada ULC (Ausenco).
There are two distinct styles of mineralisation at the Ming underground mine at Green Bay. One
comprises the upper copper -gold rich Volcanogenic Massive Sulphide ( VMS) lenses. This sits
above a broad copper stringer zone known as the Footwall Zone ( FWZ).
The bulk samples for metallurgical testing incorporated representative samples of both VMS and
FWZ. Work was also completed on numerous blend ratios for incorporation into mine scheduling
in the economic studies.
Using an optimised flow sheet, metal recoveries to final copper concentrate from all samples
averaged +98% Copper, +75% Gold and +78% Silver . Recent gravity and conventional leach
testing of the pyrite flotation tails has achieve d further improvements in precious metals
recovery, with gold increasing to +85% and +84% for silver.
The improved recovery of gold enhances the economics of the upscaled restart, with the current
Mineral Resource Estimate containing a total of 550koz of gold 4 across all Mineral R esource
categories, making it a significant contributor to potential future cash flow.
These results are a significant improvement in comparison to recoveries attained through the
small-scale 500ktpa Nugget Pond processing plant , which recovered 95% of the copper but just
66% of the gold and 72% of the silver.
Testwork on the crushing and grinding of Ming ore demonstrated characteristics that point to low-
cost mineral processing. The modest Bond Work Index Results (10.4-11.4kWh/t) indicates relatively
low power consumption to crush and grind the primary ore. The low Abrasive Index results (0.1g-
0.18g) suggest wear rates on milling components, such as grinding media and liners, will be
relatively low, leading to lower maintenance and consumable costs.
For further information on the metallurgical test results, please refer to Appendix A ‘Metallurgical
Testwork Summary’. For details of drilling used for metallurgical testing, please refer to Appendix C.
Approval and Study Update
Permitting and economic studies on the upscaled restart of production at the Green Bay Project
are well underway.
4 Please refer to ASX announcement dated 29 October 2024 and Appendix B of this announcement for further details of the
Mineral Resource Estimate ( MRE). The current MRE contains 24.4Mt for 199koz of contained gold in the Measured and
Indicated Mineral Resource categories, and 34.6Mt for 348koz in the lower-confidence Inferred Mineral Resource category.
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The Company is planning a staged re sumption of mining operations at Green Bay with the
construction of a new processing facility at the mine . The Company has received a conditional
release from further detailed environmental and socio-economic assessment by the Province of
Newfoundland and Labrador for an initial upscaled restart mining operation involving a plant with
a throughput capacity of up to 1.8Mtpa (Environmental Release). Investors are cautioned that the
plant capacity is a technical specificati on forming part of the environmental submission and not
a forecast of the estimated production of the mining operation. The mining operation’s forecast
production will not be estimated until such time as the Company has prepared and announced its
Scoping Study. Should a larger scale case be adopted than contemplated by the E nvironmental
Release, further assessment will be required by government agencies.
Applications for construction permits are in progress, with early seasonal site preparation works
scheduled for late 2025.
Key consultants have been engaged to complete economic evaluation s of Green Bay, with the
Company on track to complete a Scoping Study in Q1 2026.
Mining option studies have been conducted by Entech Mining consultants (Entech) based on the
current MRE that incorporate all Mineral Resource categories. The review concluded that
Transverse Long Hole Open Stoping ( TLHOS) was the most suitable mining method for the broad
FWZ. Conventional Long Hole Open Stoping ( LHOS) was considered most suitable for the high -
grade copper -gold VMS zones. TLHOS is a bulk mining method that extracts ore in panels
perpendicular to the strike, offering production flexibility and selectivity whilst maintain large scales
of production.
The mining methods selected require backfill to ensure total extraction of mineralisation zones. The
Company has engaged leading specialist consulting firm Paterson & Cooke to design a paste fill
system, which has the added environmental benefit of encapsulating +50% of tailings generated
underground.
Ausenco has continued to assess options for processing, with the metallurgical testwork in this
announcement used to optimise process flow. Advanced design work is underway. The current
design incorporates a simple crush and grind utilising a semi-autogenous grind ( SAG) and ball
mill followed by conventional flotation.
Knight Piesold has completed trade of f studies and preliminary designs for a surface Tailings
Storage Facility (TSF). The final design will be completed in the coming months.
FireFly has completed sterilisation and geotechnical drilling in the areas proposed for the TSF and
processing plant to be constructed at the mine . The drilling did not intersect mineralisation, and
the geotechnical properties of the rock mass are favourable.
Power supply s tudies completed in conjunction with Newfoundland and Labrador Hydro (NL
Hydro) remain ongoing and are expected to be completed in Q4 2025. High voltage power line s
run through the Green Bay property, and NL Hydro have indicated there is sufficient capacity to
supply the upscaled needs of the project.
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Initial discussions regarding the shared construction of a concentrate export berth at the nearby
Pine Cove deep water port are underway with local company Shore line Aggregates (Shoreline).
Final details will be provided in the economic studies.
Additionally, ongoing environmental monitoring and closure planning is underway , with Stantec
Consultants supporting FireFly on achieving conditions of the Environmental Release.
A timeline of key study works is presented in Figure 1. The Company will report any material
changes as the economic studies progress.
Figure 1: Timeline of key study work streams with the first economic study (Scoping Study) scheduled for completion in
Q1 2026. In parallel with the study work , regional discovery drilling will remain ongoing throughout 2025 -2026 with 2
surface rigs targeting new copper-gold discoveries within in easy trucking distance to the proposed processing plant.
All timeframes are indicative and may be subject to change.
Forward Work Plan
Forward work at the Green Bay project continues to focus on the concurrent strategy of expanding
the Mineral Resource, discovering new deposits and resuming copper production at a much larger
scale than historical mining.
Underground resource drilling at the Ming Mine remains a key focus, with six drill rigs continuing at
site for the foreseeable future. The focus remains split between increasing the confidence of the
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current MRE by infill drilling (4 rigs) and stepping out the known mineralisation at Ming beyond the
extent of completed drilling (2 rigs).
The current infill drilling program will add significant value because only the Mineral Resources
classified in the higher confidence Measured and Indicated ( M&I) categories can be included
future feasibility studies and in the calculation of ore reserves that will demonstrate economic
viability of the project . It will also assist the Company as it considers various financing options,
including potential offtake partnerships.
A MRE update is planned for Q4 2025 5. This estimate will be used to underpin the economic
studies, including the Scoping Study scheduled for completion in Q1 2026 4. The quantity of infill
drilling completed in 2025 is expected to result in a significant increase in the M&I Mineral Resource,
which currently makes up 34% of the total MRE (see Appendix B for further information on the MRE).
The Company’s longer-term growth strategy revolves around unlocking the potential of the
entire mineral district. FireFly has assembled 346km2 of exploration claims that cover
prospective mafic and felsic rocks.
Regional geophysics has recently identified a significant number of conductive anomalies in the
same orientation as the Ming deposit (see ASX announcement dated 24 July 2025). Additionally,
the Company’s tenure hosts eight historical mining operations that have undergone limited
exploration over the past 30 years. Systematic testing of the geophysical anomalies and down -
plunge extents of the historical mines is ongoing, with two diamond rigs currently on surface.
The Company remains well funded to complete its growth and exploration strategy and has
recently substantially completed a multi-tranche capital raising and Share Purchase Plan. 6
Cash, receivables and liquid investments as at 30 June 2025, proceeds from the Share Purchase
Plan completed in July 2025, and anticipated net proceeds from the final remaining aspect of the
equity raising, being the second tranche of the Institutional Placement, total A$145 million.7
Steve Parsons Jessie Liu-Ernsting Media
Managing Director Corp Dev & IR Paul Armstrong
FireFly Metals Ltd FireFly Metals Ltd Read Corporate
+61 8 9220 9030 +1 709 800 1929 +61 8 9388 1474
5 Timeframes are indicative and may be subject to change.
6 One final tranche of the capital raising (the T2 Placement) remains to be competed, as it is subject to receiving shareholder
approval at a general meeting planned to be held on 28 August 2025.
7 Cash, receivables and liquid investments position at 30 June 2025, plus A$10 million proceeds received from the Share
Purchase Plan which was completed on 14 July 2025, and anticipated net proceeds from the second tranche of the T2
Placement of ~A$26.6 mi llion, which is subject to shareholder approval at a general meeting planned to be held on 28
August 2025, noting that there is no guarantee that shareholders will vote in favour of the issuance of shares under the T2
Placement.
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ABOUT FIREFLY METALS
FireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper-gold company focused on advancing the
high-grade Green Bay Copper -Gold Project in Newfoundland, Canada. The Green Bay Copper -
Gold Project currently hosts a Mineral Resource prepared and disclosed in accordance with the
2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves ( JORC Code 2012 ) and Canadian National Instrument 43 -101 - Standards of
Disclosure for Mineral Projects (NI 43-101) of 24.4Mt of Measured and Indicated Resources at 1.9%
for 460Kt CuEq and 34.5Mt of Inferred Resources at 2% for 690Kt CuEq.
The Company has a clear strategy to rapidly grow the copper -gold Mineral R esource to
demonstrate a globally significant copper -gold asset. FireFly has commenced a 130,000m
diamond drilling program.
FireFly holds a 70% interest in the high -grade Pickle Crow Gold Project in Ontario. The current
Inferred Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on
the 500km2 tenement holding.
The Company also holds a 90% interest in the Limestone Well Vanadium -Titanium Project in
Western Australia.
For further information regarding FireFly Metals Ltd please visit the ASX platform (ASX:FFM) or the
Company’s website www.fireflymetals.com.au or SEDAR+ at www.sedarplus.ca.
COMPLIANCE STATEMENTS
Mineral Resources Estimate – Green Bay Project
The Mineral Resource Estimate for the Green Bay Project referred to in this announcement and set
out in Appendix A was first reported in the Company’s ASX announcement dated 29 October 2024,
titled “Resource increases 42% to 1.2Mt of contained metal at 2% Copper Eq” and is also set out in
the Technical Reports for the Ming Copper Gold Mine titled “National Instrument 43 -101 Technical
Report, FireFly Metals Ltd., Ming Copper -Gold Project, Newfoundland” with an effective date of 29
November 2024 and the Littl e Deer Copper Project, titled “Technical Report and Updated Mineral
Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada” with an
effective date of 26 June 2024, each of which is available on SEDAR+ at www.sedarplus.ca.
The Company confirms that it is not aware of any new information or data that materially affects
the information included in the original announcement and that all material assumptions and
technical parameters underpinning the Mineral Resource Estimate in the original announcement
continue to apply and have not materially changed.
Mineral Resources Estimate – Pickle Crow Project
The Mineral Resource Estimate for the Pickle Crow Project referred to in this announcement was
first reported in the Company’s ASX announcement dated 4 May 2023, titled “High -Grade Inferred
Gold Resource Grows to 2.8Moz at 7.2g/t” and is also set out in the Technical Report for the Pickle Crow
Project, titled “NI 43 -101 Technical Report Mineral Resource Estimate Pickle Crow Gold Project,
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Ontario, Canada” with an effective date of 29 November 2024, as amended on 11 June 2025,
available on SEDAR+ at www.sedarplus.ca.
The Company confirms that it is not aware of any new information or data that materially affects
the information included in the original announcement and that all material assumptions and
technical parameters underpinning the Mineral Resource Estimate in the original announcement
continue to apply and have not materially changed.
Metal equivalents for Mineral Resource Estimates
Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of
US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Individual Mineral Resource
grades for the metals are set out in Appendix A of this announcement. Copper equivalent was
calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).
Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used
was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%.
Precious metal (gold and silver) metallurgical recovery was assumed at 85% on the basis of
historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to
increase precious metal recoveries.
In the opinion of the Company, all elements included in the metal equivalent calculations have a
reasonable potential to be sold and recovered based on current market conditions, metallurgical
test work, the Company’s operational experience and, where rele vant, historical performance
achieved at the Green Bay project whilst in operation.
Exploration Results
Previously reported Exploration Results at the Green Bay Project referred to in this announcement
were first reported in accordance with ASX Listing Rule 5.7 in the Company’s ASX announcements
dated 31 August 2023, 11 December 2023, 16 January 2024, 4 March 2024, 21 March 2024, 29 April
2024, 19 June 2024, 3 September 2024, 16 September 2024, 3 October 2024, 10 December 2024 , 12
February 2025, 25 March 2025, 7 May 2025, 17 July 2025 and 24 July 2025.
Original announcements
FireFly confirms that it is not aware of any new information or data that materially affects the
information included in the original announcements and that, in the case of estimates of Mineral
Resources, all material assumptions and technical parameters underpinning the Mineral Resource
Estimates in the original announcements continue to apply and have not materially changed. The
Company confirms that the form and context in which the Competent Persons’ and Qualified
Persons’ findings are presented have no t been materially modified from the original market
announcements.
COMPETENT PERSON AND QUALIFIED PERSON STATEMENTS
The information in this announcement that relates to new metallurgical test work is based on and
fairly represents information compiled by Mr Jared Dietrich, a Competent Person who is a member
of the Australasian Institute of Mining and Metallurgy. Mr Dietrich is a full -time employee of FireFly
Metals Ltd. Mr Dietrich has sufficient experience that is relevant to the style of mineralisation ,